Question by David F: Is it true that a FHA mortgage is not eligible for loan modification?
Citimortgage gave me a forebearance and lower payment until they tried getting me a loan mod. Now 4 months later when I am extremely far behind, store sale they tell me that a FHA loan, diagnosis discount which mine is, troche can not be loan modified. Is that true and what are my options now to try and get caught back up? Can I deal directly with FHA and do they have a program? Why did citi not know at the beginning before i got so far behind? Will I be able to refinance with a credit score of 530 and bad credit?
Best answer:
Answer by Bruce Qualters
your in trouble David. It could have taken them 3 1/2 months to even start processing your file.
FHA loans can be modified that does not mean that they all can be.
You could be ineligible for any number of reasons you could make to much money or you could make such little money that a reduction still wont put you in a position where repayment will be reasonable.
Unfortunately with the credit delinquencies and the 530 score there is no hope of refinancing. If there is no way you can make the payment you may be better off saving your money until foreclosure or while you attempt to get citi to take a deed in lieu or try to shortsale.
Your only solid option is to catch up the payments.
You can always contact HUD yourself they have a number for homeowners in distress and several other resources I have linked it.
I do not mean to be so dismal and I really hope that you can find some help through HUD’s programs. It is just better to be prepared for the worst.
Don’t yourself get suckered in by one of the modification for profit companies
Seriously Best of Luck
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